Saudi Oil Minister Ali al-Naimi said crude prices will rise and foresees that market forces and cooperation among producing nations will lead in time to renewed stability.
Iran is beginning efforts to boost oil production and exports amid a global supply glut after the removal of sanctions that shackled its economy and capped crude sales.
Mental health support services are urging oil workers affected by the crisis are being urged not to bottle up their concerns until they reach breaking point.
Top Shell executive Huibert Vigeveno is set to become the transitional chief executive of BG Group after the expected completion of the £34billion “mega-merger” of the two oil giants next month
The price of LNG appears to be set for another downturn in 2016 with new projects in Australia and the US weighing on spot prices according to a new report.
Dallas-based Gulf Coast Western has acquired the assets of Louisiana-based Orbit Energy Partners.
The owners of a drilling rig on which an oil worker died after it was hit by a huge wave during a North Sea storm said it could find no design fault.
Iraq has sent an armoured army division and a police strike force into the southern oil city of Basra to disarm residents amid intensified feuding among rival Shi'ite Muslim tribes, according to local officials and security sources.
Russia’s second-largest oil producer Lukoil is leaving projects in Ivory Coast, the Interfax news agency reported on Friday. Lukoil has been operating in the Gulf of Guinea offshore Ivory Coast since 2006 and is operator of the offshore exploration projects at the CI-401, CI-205 and CI-504 blocks, according to website of its subsidiary www.lukoil-overseas.com.
Union Oil and Gas Group has taken a majority stake in a high-potential oil and gas block in Peru as part of its expansion plans in Latin America.
The Norwegian Petroleum Directorate latest production figures for December 2015 reveal an increase on the previous month.
A report has claimed the downturn in the oil and gas industry could be having a wider impact on the Scottish economy. The Scottish Chambers of Commerce said the effect of lower oil prices could be extending beyond businesses operating directly in the sector. The latest quarterly report received responses from 477 firms in Scotland.
Never has corporate turnaround expert Jeff Huddleston been more needed or more dreaded. Huddleston says he’s gotten used to being “the most hated guy” in the room over the past year as oil industry job losses topped 250,000and companies sought ways to curb spending. Turnaround specialists like him are about to get even busier in 2016, advising companies how to keep the lights on through the ugliest oil-market downturn in decades.
The Russian Energy Minister Alexander Novak has said coordinated oil production cuts with OPEC to help support falling oil prices would be unlikely. The politician said he felt it was unlikely all countries within OPEC would be able to agree on how to prop up prices.
For all the talk of Saudi Arabia’s oil company becoming the first trillion-dollar business if it goes public, some see the chatter as a sign of oil’s weakness. The Saudis, they say, know it’s time to start hedging their bet on fossil fuels. While the Saudi Arabian Oil Co. sits on a preposterously large reserve of 260 billion barrels of oil, the kingdom’s discussion of a share sale amid a global collapse in crude prices suggests another motive to those who preach about the financial risks of climate change: The Saudis may want to capitalize on an asset that’s only going to lose value if the world gets serious about global warming.
Rosneft and BP have dissolved their existing refining joint venture at Ruhr Oel in Germany.
Chinese President Xi Jinping is set to visit Saudi Arabia, Egypt and Iran later this month.
Aker Solutions is set to reduce its headcount by up to 900 positions as it looks to “reposition” its MMO (maintenance, modification and operations) operations in Norway.
Gazprom swung to a small net loss in the third quarter of last year as a loss on foreign exchange weakened the ruble.
A milestone has been marked in an industry wide effort to maximise economic recovery in the UKCS. Taqa said the first imports of fuel gas have been delivered to participating Northern North Sea (NNS) platforms.
CNOOC (China National Offshore Oil Corporation) and (CGN) China General Nuclear Power Corporation have signed a strategic framework agreement on offshore oil and nuclear power.
Oil in New York headed for its third weekly decline as Brent crude’s discount to U.S. prices increased on signs Iran is moving closer to boosting exports. West Texas Intermediate futures dropped as much as 3.3 percent in New York and are down 8.4 percent for the week after slipping below $30 a barrel on Tuesday. International sanctions on Iran may be lifted Monday, allowing for a boost in oil shipments from the fifth-biggest member of the Organization of Petroleum Exporting Countries. The European benchmark’s discount to WTI widened to the biggest intraday gap since July 2010.
Motorists are being denied further savings on petrol from the tumbling oil price because of increased profit margins for refineries, experts have warned. Oil prices have fallen by 30% since early December, with Brent crude sinking to $30 a barrel this week.
Iraqi Kurds, who field one of the most effective ground forces fighting Islamic State (IS) militants, are urgently asking America to help ease their budget crisis made worse by slumping oil prices and 1.8 million people who have fled fighting in Iraq and Syria. Representatives from the Kurds’ semi-autonomous region of northern Iraq said without help from the US or its allies the Kurds’ fighting force, known as the peshmerga, would be hampered in their fight against IS.
Warren Buffett is said to be expanding his bet on the oil industry, despite the continued decline in oil price.